Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
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6 Months Ended |
Mar. 28, 2020 |
Condensed Financial Information Disclosure [Abstract] |
|
Consolidating Condensed Statement of Operations |
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CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
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|
|
|
Three Months Ended March 28, 2020 |
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|
(in thousands) |
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|
|
|
|
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|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
218,951 |
|
|
$ |
35,651 |
|
|
$ |
473,627 |
|
|
$ |
(25,000) |
|
|
$ |
703,229 |
|
Cost of goods sold and occupancy |
|
167,640 |
|
|
33,240 |
|
|
318,451 |
|
|
(23,219) |
|
|
496,112 |
|
Gross profit |
|
51,311 |
|
|
2,411 |
|
|
155,176 |
|
|
(1,781) |
|
|
207,117 |
|
Selling, general and administrative expenses |
|
|
47,616 |
|
|
8,988 |
|
|
86,189 |
|
|
(1,781) |
|
|
141,012 |
|
Operating income (loss) |
|
3,695 |
|
|
(6,577) |
|
|
68,987 |
|
|
— |
|
|
66,105 |
|
Interest expense |
|
(10,666) |
|
|
(84) |
|
|
(3) |
|
|
— |
|
|
(10,753) |
|
Interest income |
|
|
1,409 |
|
|
8 |
|
|
— |
|
|
— |
|
|
1,417 |
|
Other income (expense) |
|
(361) |
|
|
(668) |
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|
50 |
|
|
— |
|
|
(979) |
|
Income (loss) before taxes and equity in earnings (losses) of affiliates |
|
(5,923) |
|
|
(7,321) |
|
|
69,034 |
|
|
— |
|
|
55,790 |
|
Income tax expense (benefit) |
|
(433) |
|
|
185 |
|
|
12,896 |
|
|
— |
|
|
12,648 |
|
Equity in earnings (loss) of affiliates |
|
48,194 |
|
|
— |
|
|
69 |
|
|
(48,263) |
|
|
— |
|
Net income (loss) including noncontrolling interest |
|
42,704 |
|
|
(7,506) |
|
|
56,207 |
|
|
(48,263) |
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|
43,142 |
|
Net loss attributable to noncontrolling interest |
|
— |
|
|
438 |
|
|
— |
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|
— |
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|
438 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
42,704 |
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|
$ |
(7,944) |
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$ |
56,207 |
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$ |
(48,263) |
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$ |
42,704 |
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CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
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Three Months Ended March 30, 2019 |
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(in thousands) |
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|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
214,042 |
|
|
$ |
35,191 |
|
|
$ |
449,810 |
|
|
$ |
(25,342) |
|
|
$ |
673,701 |
|
Cost of goods sold and occupancy |
|
163,133 |
|
|
30,343 |
|
|
297,864 |
|
|
(23,690) |
|
|
467,650 |
|
Gross profit |
|
50,909 |
|
|
|
4,848 |
|
|
|
151,946 |
|
|
|
(1,652) |
|
|
206,051 |
|
Selling, general and administrative expenses |
|
47,135 |
|
|
10,485 |
|
|
87,930 |
|
|
(1,652) |
|
|
143,898 |
|
Operating income (loss) |
|
3,774 |
|
|
|
(5,637) |
|
|
|
64,016 |
|
|
|
— |
|
|
62,153 |
|
Interest expense |
|
(10,482) |
|
|
(141) |
|
|
(17) |
|
|
— |
|
|
(10,640) |
|
Interest income |
|
2,250 |
|
|
5 |
|
|
— |
|
|
— |
|
|
2,255 |
|
Other income (expense) |
|
305 |
|
|
243 |
|
|
(48) |
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|
— |
|
|
500 |
|
Income (loss) before taxes and equity in earnings (losses) of affiliates |
|
(4,153) |
|
|
|
(5,530) |
|
|
|
63,951 |
|
|
|
— |
|
|
54,268 |
|
Income tax expense (benefit) |
|
(1,748) |
|
|
(55) |
|
|
13,349 |
|
|
|
|
|
11,546 |
|
Equity in earnings of affiliates |
|
44,796 |
|
|
— |
|
|
(101) |
|
|
(44,695) |
|
|
— |
|
Net income (loss) including noncontrolling interest |
|
42,391 |
|
|
|
(5,475) |
|
|
|
50,501 |
|
|
|
(44,695) |
|
|
42,722 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
331 |
|
|
— |
|
|
— |
|
|
331 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
42,391 |
|
|
|
$ |
(5,806) |
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|
|
$ |
50,501 |
|
|
|
$ |
(44,695) |
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$ |
42,391 |
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CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
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Six Months Ended March 28, 2020 |
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(in thousands) |
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Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
389,279 |
|
|
|
$ |
59,488 |
|
|
|
$ |
774,668 |
|
|
|
$ |
(37,378) |
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|
$ |
1,186,057 |
|
Cost of goods sold and occupancy |
|
299,913 |
|
|
|
56,952 |
|
|
|
525,435 |
|
|
|
(34,626) |
|
|
847,674 |
|
Gross profit |
|
89,366 |
|
|
|
2,536 |
|
|
|
249,233 |
|
|
|
(2,752) |
|
|
338,383 |
|
Selling, general and administrative expenses |
|
90,853 |
|
|
|
16,807 |
|
|
|
165,305 |
|
|
|
(2,752) |
|
|
270,213 |
|
Operating income (loss) |
|
(1,487) |
|
|
|
(14,271) |
|
|
|
83,928 |
|
|
|
— |
|
|
68,170 |
|
Interest expense |
|
(21,244) |
|
|
(144) |
|
|
(6) |
|
|
— |
|
|
(21,394) |
|
Interest income |
|
3,406 |
|
|
15 |
|
|
— |
|
|
— |
|
|
3,421 |
|
Other income (expense) |
|
(436) |
|
|
69 |
|
|
(307) |
|
|
— |
|
|
(674) |
|
Income (loss) before taxes and equity in earnings (losses) of affiliates |
|
(19,761) |
|
|
|
(14,331) |
|
|
|
83,615 |
|
|
|
— |
|
|
49,523 |
|
Income tax expense (benefit) |
|
(4,331) |
|
|
(180) |
|
|
15,431 |
|
|
— |
|
|
10,920 |
|
Equity in earnings of affiliates |
|
53,717 |
|
|
— |
|
|
(611) |
|
|
(53,106) |
|
|
— |
|
Net income (loss) including noncontrolling interest |
|
38,287 |
|
|
|
(14,151) |
|
|
|
67,573 |
|
|
|
(53,106) |
|
|
38,603 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
316 |
|
|
— |
|
|
— |
|
|
316 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
38,287 |
|
|
|
$ |
(14,467) |
|
|
|
$ |
67,573 |
|
|
|
$ |
(53,106) |
|
|
$ |
38,287 |
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CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
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|
Six Months Ended March 30, 2019 |
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|
(in thousands) |
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|
|
|
|
|
|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
387,448 |
|
|
|
$ |
58,820 |
|
|
|
$ |
729,644 |
|
|
|
$ |
(40,221) |
|
|
$ |
1,135,691 |
|
Cost of goods sold and occupancy |
|
299,146 |
|
|
|
52,346 |
|
|
|
485,547 |
|
|
|
(37,581) |
|
|
799,458 |
|
Gross profit |
|
88,302 |
|
|
|
6,474 |
|
|
|
244,097 |
|
|
|
(2,640) |
|
|
336,233 |
|
Selling, general and administrative expenses |
|
90,800 |
|
|
|
17,836 |
|
|
|
157,903 |
|
|
|
(2,640) |
|
|
263,899 |
|
Operating income (loss) |
|
(2,498) |
|
|
|
(11,362) |
|
|
|
86,194 |
|
|
|
— |
|
|
72,334 |
|
Interest expense |
|
(20,979) |
|
|
(255) |
|
|
(20) |
|
|
— |
|
|
(21,254) |
|
Interest income |
|
4,783 |
|
|
9 |
|
|
— |
|
|
— |
|
|
4,792 |
|
Other income (expense) |
|
342 |
|
|
27 |
|
|
(61) |
|
|
— |
|
|
308 |
|
Income (loss) before taxes and equity in earnings (losses) of affiliates |
|
(18,352) |
|
|
|
(11,581) |
|
|
|
86,113 |
|
|
|
— |
|
|
56,180 |
|
Income tax expense (benefit) |
|
(3,836) |
|
|
(311) |
|
|
15,966 |
|
|
— |
|
|
11,819 |
|
Equity in earnings (losses) of affiliates |
|
58,710 |
|
|
— |
|
|
(1,213) |
|
|
(57,497) |
|
|
— |
|
Net income (loss) including noncontrolling interest |
|
44,194 |
|
|
|
(11,270) |
|
|
|
68,934 |
|
|
|
(57,497) |
|
|
44,361 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
167 |
|
|
— |
|
|
— |
|
|
167 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
44,194 |
|
|
|
$ |
(11,437) |
|
|
|
$ |
68,934 |
|
|
|
$ |
(57,497) |
|
|
$ |
44,194 |
|
|
Consolidating Condensed Statements of Comprehensive Income (Loss) |
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CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
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|
|
|
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|
|
Three Months Ended March 28, 2020 |
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|
|
|
|
|
|
|
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|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
42,704 |
|
|
$ |
(7,506) |
|
|
$ |
56,207 |
|
|
$ |
(48,263) |
|
|
$ |
43,142 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(405) |
|
|
(227) |
|
|
(83) |
|
|
310 |
|
|
(405) |
|
Total comprehensive income (loss) |
|
42,299 |
|
|
(7,733) |
|
|
56,124 |
|
|
(47,953) |
|
|
42,737 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
438 |
|
|
— |
|
|
— |
|
|
438 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
42,299 |
|
|
$ |
(8,171) |
|
|
$ |
56,124 |
|
|
$ |
(47,953) |
|
|
$ |
42,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 30, 2019 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
42,391 |
|
|
$ |
(5,475) |
|
|
$ |
50,501 |
|
|
$ |
(44,695) |
|
|
$ |
42,722 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
212 |
|
|
127 |
|
|
35 |
|
|
(162) |
|
|
212 |
|
Total comprehensive income (loss) |
|
42,603 |
|
|
(5,348) |
|
|
50,536 |
|
|
(44,857) |
|
|
42,934 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
331 |
|
|
— |
|
|
— |
|
|
331 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
42,603 |
|
|
$ |
(5,679) |
|
|
$ |
50,536 |
|
|
$ |
(44,857) |
|
|
$ |
42,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 28, 2020 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
38,287 |
|
|
|
$ |
(14,151) |
|
|
|
$ |
67,573 |
|
|
|
$ |
(53,106) |
|
|
|
$ |
38,603 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
32 |
|
|
|
70 |
|
|
|
(62) |
|
|
|
(8) |
|
|
|
32 |
|
Total comprehensive income (loss) |
|
38,319 |
|
|
|
(14,081) |
|
|
|
67,511 |
|
|
|
(53,114) |
|
|
|
38,635 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
|
316 |
|
|
|
— |
|
|
|
— |
|
|
|
316 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
38,319 |
|
|
|
$ |
(14,397) |
|
|
|
$ |
67,511 |
|
|
|
$ |
(53,114) |
|
|
|
$ |
38,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 30, 2019 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
44,194 |
|
|
|
$ |
(11,270) |
|
|
|
$ |
68,934 |
|
|
|
$ |
(57,497) |
|
|
|
$ |
44,361 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(62) |
|
|
|
(2) |
|
|
|
(60) |
|
|
|
62 |
|
|
|
(62) |
|
Total comprehensive income |
|
44,132 |
|
|
|
(11,272) |
|
|
|
68,874 |
|
|
|
(57,435) |
|
|
|
44,299 |
|
Comprehensive income (loss) attributable to noncontrolling interests |
|
— |
|
|
|
167 |
|
|
|
— |
|
|
|
— |
|
|
|
167 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
44,132 |
|
|
|
$ |
(11,439) |
|
|
|
$ |
68,874 |
|
|
|
$ |
(57,435) |
|
|
|
$ |
44,132 |
|
|
Consolidating Condensed Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
March 28, 2020 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
319,187 |
|
|
$ |
11,165 |
|
|
$ |
1,203 |
|
|
$ |
— |
|
|
$ |
331,555 |
|
Restricted cash |
|
13,021 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,021 |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
137,422 |
|
|
18,661 |
|
|
304,902 |
|
|
— |
|
|
460,985 |
|
Inventories, net |
|
125,002 |
|
|
46,241 |
|
|
345,964 |
|
|
— |
|
|
517,207 |
|
Prepaid expenses and other |
|
7,626 |
|
|
1,839 |
|
|
26,695 |
|
|
— |
|
|
36,160 |
|
Total current assets |
|
602,258 |
|
|
77,906 |
|
|
678,764 |
|
|
— |
|
|
1,358,928 |
|
Property, plant and equipment, net |
|
27,561 |
|
|
34,962 |
|
|
179,355 |
|
|
— |
|
|
241,878 |
|
Goodwill |
|
20,577 |
|
|
7,414 |
|
|
261,863 |
|
|
— |
|
|
289,854 |
|
Operating lease right-of-use assets |
|
48,013 |
|
|
5,916 |
|
|
45,169 |
|
|
— |
|
|
99,098 |
|
Other long-term assets |
|
48,172 |
|
|
4,791 |
|
|
133,690 |
|
|
(9,004) |
|
|
177,649 |
|
Intercompany receivable |
|
62,722 |
|
|
— |
|
|
815,955 |
|
|
(878,677) |
|
|
— |
|
Investment in subsidiaries |
|
1,838,475 |
|
|
— |
|
|
— |
|
|
(1,838,475) |
|
|
— |
|
Total |
|
$ |
2,647,778 |
|
|
$ |
130,989 |
|
|
$ |
2,114,796 |
|
|
$ |
(2,726,156) |
|
|
$ |
2,167,407 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
53,323 |
|
|
$ |
22,800 |
|
|
$ |
110,748 |
|
|
$ |
— |
|
|
$ |
186,871 |
|
Accrued expenses |
|
59,861 |
|
|
5,216 |
|
|
72,646 |
|
|
— |
|
|
137,723 |
|
Current operating lease liability |
|
19,306 |
|
|
3,206 |
|
|
9,891 |
|
|
— |
|
|
32,403 |
|
Current portion of long-term debt |
|
103 |
|
|
— |
|
|
— |
|
|
— |
|
|
103 |
|
Total current liabilities |
|
132,593 |
|
|
31,222 |
|
|
193,285 |
|
|
— |
|
|
357,100 |
|
Long-term debt |
|
693,622 |
|
|
— |
|
|
— |
|
|
— |
|
|
693,622 |
|
Operating lease long term liabilities |
|
30,721 |
|
|
2,670 |
|
|
37,369 |
|
|
— |
|
|
70,760 |
|
Intercompany payable |
|
797,082 |
|
|
81,595 |
|
|
— |
|
|
(878,677) |
|
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
26,408 |
|
|
(26,408) |
|
|
— |
|
Other long-term obligations |
|
747 |
|
|
— |
|
|
60,740 |
|
|
(9,004) |
|
|
52,483 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
993,013 |
|
|
15,073 |
|
|
1,796,994 |
|
|
(1,812,067) |
|
|
993,013 |
|
Noncontrolling interest |
|
— |
|
|
429 |
|
|
— |
|
|
— |
|
|
429 |
|
Total equity |
|
993,013 |
|
|
15,502 |
|
|
1,796,994 |
|
|
(1,812,067) |
|
|
993,442 |
|
Total |
|
$ |
2,647,778 |
|
|
$ |
130,989 |
|
|
$ |
2,114,796 |
|
|
$ |
(2,726,156) |
|
|
$ |
2,167,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
March 30, 2019 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
322,149 |
|
|
$ |
6,354 |
|
|
$ |
1,221 |
|
|
$ |
— |
|
|
$ |
329,724 |
|
Restricted cash |
|
10,888 |
|
|
— |
|
|
5,227 |
|
|
— |
|
|
16,115 |
|
Accounts receivable, net |
|
134,251 |
|
|
22,844 |
|
|
299,034 |
|
|
— |
|
|
456,129 |
|
Inventories, net |
|
138,778 |
|
|
46,035 |
|
|
332,345 |
|
|
— |
|
|
517,158 |
|
Prepaid expenses and other |
|
8,355 |
|
|
1,386 |
|
|
23,420 |
|
|
— |
|
|
33,161 |
|
Total current assets |
|
614,421 |
|
|
76,619 |
|
|
661,247 |
|
|
— |
|
|
1,352,287 |
|
Property, plant and equipment, net |
|
29,701 |
|
|
36,180 |
|
|
151,657 |
|
|
— |
|
|
217,538 |
|
Goodwill |
|
20,578 |
|
|
7,414 |
|
|
253,185 |
|
|
— |
|
|
281,177 |
|
Other long-term assets |
|
47,512 |
|
|
6,273 |
|
|
147,035 |
|
|
(5,682) |
|
|
195,138 |
|
Intercompany receivable |
|
59,152 |
|
|
— |
|
|
680,937 |
|
|
(740,089) |
|
|
— |
|
Investment in subsidiaries |
|
1,688,163 |
|
|
— |
|
|
— |
|
|
(1,688,163) |
|
|
— |
|
Total |
|
$ |
2,459,527 |
|
|
$ |
126,486 |
|
|
$ |
1,894,061 |
|
|
$ |
(2,433,934) |
|
|
$ |
2,046,140 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
41,488 |
|
|
$ |
21,833 |
|
|
$ |
94,275 |
|
|
$ |
— |
|
|
$ |
157,596 |
|
Accrued expenses |
|
55,181 |
|
|
6,200 |
|
|
75,032 |
|
|
— |
|
|
136,413 |
|
Current portion of long-term debt |
|
119 |
|
|
— |
|
|
5,000 |
|
|
— |
|
|
5,119 |
|
Total current liabilities |
|
96,788 |
|
|
28,033 |
|
|
174,307 |
|
|
— |
|
|
299,128 |
|
Long-term debt |
|
692,459 |
|
|
— |
|
|
187 |
|
|
— |
|
|
692,646 |
|
Intercompany payable |
|
662,927 |
|
|
77,163 |
|
|
— |
|
|
(740,090) |
|
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
26,248 |
|
|
(26,248) |
|
|
— |
|
Other long-term obligations |
|
8,604 |
|
|
— |
|
|
52,142 |
|
|
(5,682) |
|
|
55,064 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
998,749 |
|
|
20,737 |
|
|
1,641,177 |
|
|
(1,661,914) |
|
|
998,749 |
|
Noncontrolling interest |
|
— |
|
|
553 |
|
|
— |
|
|
— |
|
|
553 |
|
Total equity |
|
998,749 |
|
|
21,290 |
|
|
1,641,177 |
|
|
(1,661,914) |
|
|
999,302 |
|
Total |
|
$ |
2,459,527 |
|
|
$ |
126,486 |
|
|
$ |
1,894,061 |
|
|
$ |
(2,433,934) |
|
|
$ |
2,046,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
September 28, 2019 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
489,590 |
|
|
$ |
7,308 |
|
|
$ |
851 |
|
|
$ |
— |
|
|
$ |
497,749 |
|
Restricted cash |
|
12,952 |
|
|
— |
|
|
— |
|
|
— |
|
|
12,952 |
|
Accounts receivable, net |
|
99,372 |
|
|
11,551 |
|
|
189,212 |
|
|
— |
|
|
300,135 |
|
Inventories, net |
|
121,344 |
|
|
30,826 |
|
|
314,027 |
|
|
— |
|
|
466,197 |
|
Prepaid expenses and other assets |
|
9,339 |
|
|
1,241 |
|
|
19,580 |
|
|
— |
|
|
30,160 |
|
Total current assets |
|
732,597 |
|
|
50,926 |
|
|
523,670 |
|
|
— |
|
|
1,307,193 |
|
Property, plant and equipment, net |
|
27,395 |
|
|
35,854 |
|
|
182,156 |
|
|
— |
|
|
245,405 |
|
Goodwill |
|
20,578 |
|
|
7,414 |
|
|
258,085 |
|
|
— |
|
|
286,077 |
|
Other long-term assets |
|
55,690 |
|
|
5,487 |
|
|
139,138 |
|
|
(13,970) |
|
|
186,345 |
|
Intercompany receivable |
|
37,544 |
|
|
— |
|
|
879,231 |
|
|
(916,775) |
|
|
— |
|
Investment in subsidiaries |
|
1,784,750 |
|
|
— |
|
|
— |
|
|
(1,784,750) |
|
|
— |
|
Total |
|
$ |
2,658,554 |
|
|
$ |
99,681 |
|
|
$ |
1,982,280 |
|
|
$ |
(2,715,495) |
|
|
$ |
2,025,020 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
47,506 |
|
|
$ |
6,895 |
|
|
$ |
94,845 |
|
|
$ |
— |
|
|
$ |
149,246 |
|
Accrued expenses and other liabilities |
|
54,623 |
|
|
4,814 |
|
|
69,729 |
|
|
— |
|
|
129,166 |
|
Current portion of long term debt |
|
113 |
|
|
— |
|
|
— |
|
|
— |
|
|
113 |
|
Total current liabilities |
|
102,242 |
|
|
11,709 |
|
|
164,574 |
|
|
— |
|
|
278,525 |
|
Long-term debt |
|
693,037 |
|
|
— |
|
|
— |
|
|
— |
|
|
693,037 |
|
Intercompany payable |
|
858,673 |
|
|
58,102 |
|
|
— |
|
|
(916,775) |
|
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
25,567 |
|
|
(25,567) |
|
|
— |
|
Other long-term obligations |
|
8,595 |
|
|
— |
|
|
62,656 |
|
|
(13,970) |
|
|
57,281 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
996,007 |
|
|
29,700 |
|
|
1,729,483 |
|
|
(1,759,183) |
|
|
996,007 |
|
Noncontrolling interest |
|
— |
|
|
170 |
|
|
— |
|
|
— |
|
|
170 |
|
Total equity |
|
996,007 |
|
|
29,870 |
|
|
1,729,483 |
|
|
(1,759,183) |
|
|
996,177 |
|
Total |
|
$ |
2,658,554 |
|
|
$ |
99,681 |
|
|
$ |
1,982,280 |
|
|
$ |
(2,715,495) |
|
|
$ |
2,025,020 |
|
|
Consolidating Condensed Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 28, 2020 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net cash used by operating activities |
|
$ |
(25,504) |
|
|
$ |
(19,073) |
|
|
$ |
(47,851) |
|
|
$ |
(230) |
|
|
$ |
(92,658) |
|
Additions to property, plant and equipment |
|
(4,236) |
|
|
(291) |
|
|
(14,960) |
|
|
— |
|
|
(19,487) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
(4,439) |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,439) |
|
Other investing activities |
|
(437) |
|
|
— |
|
|
— |
|
|
— |
|
|
(437) |
|
Intercompany investing activities |
|
(25,179) |
|
|
— |
|
|
63,276 |
|
|
(38,097) |
|
|
— |
|
Net cash (used) provided by investing activities |
|
(34,291) |
|
|
(291) |
|
|
48,316 |
|
|
(38,097) |
|
|
(24,363) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
|
(59) |
|
|
— |
|
|
— |
|
|
— |
|
|
(59) |
|
Payment of financing costs |
|
(959) |
|
|
|
|
|
|
|
|
|
|
|
(959) |
|
Repurchase of common stock |
|
(48,026) |
|
|
— |
|
|
— |
|
|
— |
|
|
(48,026) |
|
Distribution to parent |
|
— |
|
|
(230) |
|
|
— |
|
|
230 |
|
|
— |
|
Distribution to noncontrolling interest |
|
— |
|
|
(57) |
|
|
— |
|
|
— |
|
|
(57) |
|
Payment of contingent consideration liability |
|
— |
|
|
— |
|
|
(90) |
|
|
— |
|
|
(90) |
|
Intercompany financing activities |
|
(61,589) |
|
|
23,492 |
|
|
— |
|
|
38,097 |
|
|
— |
|
Net cash (used) provided by financing activities |
|
(110,633) |
|
|
23,205 |
|
|
(90) |
|
|
38,327 |
|
|
(49,191) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
94 |
|
|
16 |
|
|
(23) |
|
|
— |
|
|
87 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(170,334) |
|
|
3,857 |
|
|
352 |
|
|
— |
|
|
(166,125) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
502,542 |
|
|
7,308 |
|
|
851 |
|
|
— |
|
|
510,701 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
332,208 |
|
|
$ |
11,165 |
|
|
$ |
1,203 |
|
|
$ |
— |
|
|
$ |
344,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 30, 2019 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Parent |
|
Non-Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net cash (used) provided by operating activities |
|
$ |
(23,565) |
|
|
$ |
(17,128) |
|
|
$ |
(38,626) |
|
|
$ |
— |
|
|
$ |
(79,319) |
|
Additions to property, plant and equipment |
|
(1,716) |
|
|
(3,350) |
|
|
(9,236) |
|
|
— |
|
|
(14,302) |
|
Payments to acquire companies, net of cash acquired |
|
(11,137) |
|
|
— |
|
|
— |
|
|
— |
|
|
(11,137) |
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
(1,749) |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,749) |
|
Other investing activities |
|
(368) |
|
|
— |
|
|
— |
|
|
— |
|
|
(368) |
|
Intercompany investing activities |
|
(18,788) |
|
|
— |
|
|
88,949 |
|
|
(70,161) |
|
|
— |
|
Net cash used by investing activities |
|
(33,758) |
|
|
(3,350) |
|
|
79,713 |
|
|
(70,161) |
|
|
(27,556) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
|
(3) |
|
|
— |
|
|
(36,463) |
|
|
— |
|
|
(36,466) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock |
|
(3,739) |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,739) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of contingent consideration |
|
— |
|
|
— |
|
|
(66) |
|
|
— |
|
|
(66) |
|
Intercompany financing activities |
|
(91,005) |
|
|
20,844 |
|
|
— |
|
|
70,161 |
|
|
— |
|
Net cash provided (used) by financing activities |
|
(94,747) |
|
|
20,844 |
|
|
(36,529) |
|
|
70,161 |
|
|
(40,271) |
|
Effect of exchange rates on cash, cash equivalents and restricted cash |
|
(2) |
|
|
(17) |
|
|
(1) |
|
|
— |
|
|
(20) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(152,072) |
|
|
349 |
|
|
4,557 |
|
|
— |
|
|
(147,166) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
485,109 |
|
|
6,005 |
|
|
1,891 |
|
|
— |
|
|
493,005 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
333,037 |
|
|
$ |
6,354 |
|
|
$ |
6,448 |
|
|
$ |
— |
|
|
$ |
345,839 |
|
|